Legal & General Mortgage Club has announced the appointment of Aviva to its lender panel, providing members of the club access to two equity release lifetime mortgage products from Aviva, including a lump sum and drawdown option.
Aviva’s Lifestyle Flexible Option provides borrowers with the facility to release at least £10,000 from the value of their home as a lump sum, with a tailored cash reserve of £5,000 or more also placed into a flexible drawdown arrangement. The reserved money will not accrue interest until the borrower withdraws it.
Club members will also have access to a Lifestyle Lump Sum Max plan, which enables them to release a tax-free lump sum of £15,000 or more.
As standard, both products offer voluntary partial repayments, downsizing protection, a 14-week interest rate guarantee, no upper age limit (applicants aged 55 and over may apply) and access to clients via an online adviser portal. Aviva also offers a personalised pricing approach with enhanced rates to customers with certain health and lifestyle factors.
Aviva has been an equity release lender for over 20 years and has supported over 260,000 customers to release more than £9 billion in housing equity.
Danny Belton, head of lender relationships at Legal & General Mortgage Club, said: “Today’s announcement is testament to our commitment to delivering a market-leading proposition that allows advisers to find a suitable product for their client, no matter their need.
“We’ve worked closely with Aviva to bring on board its Equity Release products and expect the competitive rates and flexible product features to help many customers looking to unlock their built-up housing equity.”
Stuart Robinson, managing director of equity release at Aviva, added: “Legal & General Mortgage Club boasts one of the UK’s largest adviser networks. By working together, we expect to help many more people find and access Aviva’s lifetime mortgages.
“Aviva’s award-winning lifetime mortgages provide advisers with compelling options to meet their later life client needs.”
